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National City Mortgage
Overview
Benefits of National City Mortgage
What is a Mortgage?
Fixed Rate Mortgages
Adjustable Rate Mortgages
Affordable Housing Programs
Additional Mortgage Options
New Home Construction Programs
The Benefits of Home Equity
Why Refinance With National City
Payment Options
Assistance to Keep Your Home
Assistance Option When Giving Up Your Home
National City Mortgage Insurance Options
Mortgage Life Insurance
Mortgage Pre-Approval
What You Need to Buy a Home
Application Process
Frequently Asked Questions
Glossary


Glossary


Adjustable Rate Mortgage: A loan for homeowners that offers a fixed monthly rate for a set introductory period and then the rates are adjusted according to the market interest rates at the time.

Appraisal: The estimated cost of your property as deemed by a professional estimator schooled in the process of rating property for value. An appraisal establishes the price at which you sell your home.

Broker: Someone who buys and sells real estate through their own business.

Buy Down: The process of lowering your interest rate for a varied amount of time whether it is permanent or just for a limited time.

Closing: The final process of selling and buying a home when the buyer and seller exchange the ownership responsibility of the property.

Closing Costs: The cost the seller pays to the real estate agent and other persons involved in the finalization of the sale of the home and property.

Credit Report: A report of any credit activity that you have that is reviewed to establish the amount of credit you can obtain.

Credit Score: Based on the credit report, the score is determined to categorize the state of your credit. The score you receive based on your credit report.

Equity: The difference between the cost of your house and how much you still owe. The equity accrues with the length of ownership.

Home Equity Line of Credit: Credit that you can borrow based on the equity you have earned in your home.

Loan Term: The length of time that a borrower must pay toward the balance of a loan.

Note: A paper indicating from the borrower of the loan that they recognize the debt and states their responsibility to pay back the loan.

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